Par Pacific Closes $500M Senior Notes, Boosts ABL to $1.8B with 2031 Extension
PARR has more than doubled off its 52-week low of $18.78.
Summary
Par Pacific Holdings announced the closing of its previously disclosed $500 million private placement of 7.375% senior notes due 2034. Concurrently, the company significantly increased lender commitments under its senior secured asset-based revolving credit facility (ABL) to up to $1.8 billion and extended its maturity date to 2031. This follows earlier news this week regarding the offering and pricing of these senior notes. The proceeds from the notes, combined with cash and ABL borrowings, were used to repay and terminate an existing term loan due 2030. This comprehensive financing package materially enhances Par Pacific's liquidity, improves its debt maturity profile, and strengthens its overall capital structure, providing greater financial flexibility for future operations and strategic initiatives.
At the time of this announcement, PARR was trading at $60.18 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $3B. The 52-week trading range was $18.78 to $70.39. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: GlobeNewswire.